a good mortgage company for a home loan with 100% finiancing?

Question

We have no money for a downpayment, Please can anyone help directing me to someone who can help!

Answer 1

Hello, please email me at

[e-mail]

i will send you my phone number, and i can go over some things with you, and answer some of your questions!

Answer 2

I would suggest not even looking for a home until you can save up some money. That doesn't mean you have to have the recommended 20% down, but a bank doesn't want to fund you if you are flat broke. Look in your yellow pages and call around to get a good idea of what your choices are. Do you have good credit? A mortgage company often will tell you based on credit and income what your chances are. They will also submit your information to thousands of creditors and call you with the bast options. Buying a house is a big deal and you never know what things might come up that you will need money for.

Answer 3

Buying without downpayment

Lender will give you money for sure. Probably charge you a higher interests rate and extra insurance on the loan for not having the down payment.

Would you consider delaying your plan? Professional investors are careful in choosing each investment that would be near or immediately cash flow positive. With overpriced housing market, that is not possbile.

For example, it costs $500,000 to $550,000 to buy a two bedroom units in Sunnyvale California. Mortgage monthly payment with nothing down is $3500 to $4000 a month with 7% APR. The rent one can collect from such unit would be $2000 a month. Therefore, for each unit you buy, you would lose $1500 a month.

* We assume tax benefits would cancel out with tax and maintenance fee. Please consult your CPA.
**If you have large down payement, the rate may be lowered.

Another important factor to consider, home price may not appreciate as much anymore. In most area of the U.S., housing price stopped going up as inventory continues to build up. It is normal to see a correction as a boom that lasted for several years.

If you are investing new money in to real estate, this may not be a good time as the potential return on investment is small compare to the high risk of lower home price.

If you are doing a side way move, meaning you are selling one to buy another one, then it is acceptable.

Nothing is absolute, but housing market is very likely undergoing a correction and this is only the beginning. Some say this would be a soft landing (0 to 10%). Some say a big crashing is coming (10 to 20%).

http://money.cnn.com/2006/09/08/real_estate/caught_in_the_bubble/index.htm?postversion=2006090814
http://money.cnn.com/2006/09/05/real_estate/Ofheo_home_prices/index.htm?postversion=2006090514

Answer 4

The most sensible thing would be to begin a good savings plan and wait for a while. At the moment, home prices are still robust but creeping interest rates and no down payment would place you at the risk of being 'house poor.' This occurs when the majority of your income is spent towards paying your mortgage and maintaining the home. With prices leveling off, there will be great opportunities in the future. I would suggest speaking with a financial planner and start your savings now.

Answer 5

Hello, if you have a middle credit score of 580 + you can get 100 percent financing. With no money down. You can ask the seller to help you with up to 6 percent of the selling price, to go toward your closing cost. If your credit is lower than the 580 needed, than you can still get qualified - but not for 100 percent financing. That is where having a mortgage broker helps - since there is creative financing such as the seller doing a seller 2nd for the difference. Say you got approved for 95 percent and the seller could do a 5 percent seller 2nd. He can either keep the seller 2nd and you pay on it until it is paid off, or he can forgive it, and you get your loan at 95 percent.

Here is other information that will help you. Go to these web sites - there is a first timehome buyer guide on them, that you can download and print off - It has alot of helpful information.

Go to these websites

http://www.nehemiahcorp.org/

http://www.fanniemaefoundation.org/...

http://www.fha-home-loans.com/

http://www.freddiemac.com/

There are FHA- Government programs out there (but all judgements and collections have to be paid). Most ppl do not realize that, but it is true. Same for the USDA Rural and USDA Direct loans (The direct loan, is a subsidized loan, where the government helps toward your payment).

As I mentioned, A 100 percent loan - is not totally out of your reach - There are FHA programs, payment assistant programs to help you. Look at your middle credit score, if you do not know your credit scores - have your lender tell you, or pull your credit from the 3 credit reporting agencies - BUT the person you are working with should tell YOU.

Lenders look at the middle score to qualify a person - With a 580 or higher you can get a 100 percent 1 loan. If your credit is low, than you will be going SUB-Prime, and any amount over 80 percent does not have MI - There are alot of companies I underwrite for that does NOT charge MI - normally the rate is slightly higher.

If you go with a FHA loan, FHA has MI included. (With a 580 + you will be going sub-prime the rates are higher by about a 1 percent, but you have no MI. (MI is mortgage insurance in case you default on the loan, it is a way for lenders to have added insurance. It is not the same as Home Owners insurance, ok) VA loans do not have MI insurance.

ALSO -
When you Decide to buy, decide on how much you want to spend, if you want to escrow the taxes and insurance. Say the taxes are 1200 a YR and insurance 800 a year (just an estimate, ok) That is 2,000 a year divided by 12 = 166.66 If you paid 1,000 a month now - (166.66) your P/I Principle and Interest would be 833.34. Now you decided on the price range you are looking into. If you have great credit, a 1 loan at 130,000 at a rate of 7 percent over a 30 year time would be 864.89 - This is just a estimate - ok -

It greatly depends if you need help with closing cost, (The seller could do Seller Help toward your closing cost). If that is the case, I normally tell my clients NOT to hackle over the price, since you are asking for closing cost help - especially if the home is thru a realitor, and the seller has to pay the realitor their fee which runs from 3-6 percent of the selling price, and you ask for 3-5 percent toward closing cost -assistance) Follow me so far??

Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.


Try to find someone (broker) that will pull your credit one time, and submit your loan application to company's that will go off his credit report. By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). The GFE will tell you the up-front closing cost associated with your loan. The TIL will tell you the terms, rate associated with your loan. This is a estimate only - not the final - but it does help you figure things out.

Good luck to you.

Answer 6

You can purchase a home with no money down like you are asking but keep in mind your interest rate will be slightly higher as you are a risk to a bank with no money down. You need to seek the help of a Mortgage Broker as they have hundreds of lenders and programs that will suit your needs. I hope this helps you but if you have any additional questions or need some assistance getting prequalified email me or visit my website www.dantadgerson.com.

Answer 7

These are all good answers but if you really want to put no money down then you’re going to have to have some one negotiate closing cost with the seller. If you’re willing I could handle these aspects. Contact me at this number [phone] or email me at [e-mail]

Answer 8

If you have good credit you can get a 0 down loan anywhere- Bank of America, Washington Mutual, etc.

Answer 9

check out the U.S. department of agriculture they have programs and properties for individuals that fit there criteria
http://www.resales.usda.gov/
i used this program to buy a house in new jersey for 140k it appraised at 189k and we recently sold it after living in it for only 6 months for 215k with no money down and 5k in escrow